Vodafone (Buy, 150p, +97%) Spanish sale announced - our quick take
After years of questions about their performance in Spain and whether the asset is sub-scale or not, Vodafone has finally taken the decision to sell their Spain asset. The timing is interesting in advance of the binary Masmovil-Orange ruling, but are extracting a reasonable price on exit (based on our 150p/ share fair value), albeit there is some uncertainty on whether Vodafone will be able to extract the full value.
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